Turnover and Earnings before Taxes, Interest and Depreciation (EBITDA) amounted to € 524 million and € 81 million respectively for the first quarter of 2021, remaining at the same levels as in the corresponding period of the previous year and with the immediately preceding quarter.
Net profit after minority interests amounted to € 37 million, remaining at about the same level compared to the same period last year, while it was significantly higher (+ 37%) compared to the fourth quarter of 2020.
Net borrowing stood at € 554 million, with the leverage ratio (Net Lending / EBITDA) standing at 1.75, despite significant investments being in full swing.
As pointed out by the group, the financial performance of MYTLINEOS in the first quarter of 2021 marks a dynamic start to a year with positive prospects. In the coming quarters, this performance is expected to increase significantly, as the demand and prices of aluminum remain high, the price environment and the demand in the electricity market are evolving satisfactorily and the maturation and execution of the projects of the Sustainable Development Projects sectors. and Renewable Sources & Energy Storage, are proceeding without delay.
More specifically, the first quarter of 2021 was a period of continuous developments for MYTILINEOS, as the Company is promoting the implementation of its investment program, in line with its strategy and the ambitious environmental goals it has set.
In particular, in February 2021, in a pioneering event for the Greek and international standards, MYTILINEOS undertook strong commitments to reduce direct and indirect carbon dioxide emissions by at least 30% by 2030 compared to 2019 and achieve zero emissions by 2050.
In this context, during the first quarter of 2021, MYTILINEOS entered into an agreement for the acquisition of a portfolio of 20 under development photovoltaic parks with a total capacity of 1.48GW, as well as an additional 25 under development electricity storage projects.
In view of the significant investments already being implemented (increase of aluminum production capacity, construction of a new 826MW power plant, investments in RES) and others that have already been launched in the direction of energy transition and sustainability, MYTILINEOS proceeded a few days ago to the successful green version of of its “green” bond, amounting to € 500 million with an interest rate of 2.25% and maturing in 2026.
This is the 2nd time that MYTILINEOS has successfully addressed international capital markets, after the first issue of November 2019, further strengthening its financial position.
It is noted that an amount corresponding to the net capital that will be raised from the bonds, will be allocated for the development of “green” projects and infrastructure, as provided in the company’s Green Bond Framework program. The high demand for this issue is indicative of investor confidence in the successful execution of the investment program of MYTILINEOS, while at the same time certifying the strong investment interest in similar projects both in Greece and abroad.
Latest News
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
GEK TERNA Still Considers Leveraging Concessions Portfolio as Financial Tool
President and CEO of Gek Terna George Peristeris explained the company's plans on Tuesday on the sidelines of the inauguration of sections of Greece's E65 highway
NielsenIQ: 3% Supermarket Revenue Increase in Q1
Private label products are gaining traction, comprising 25.4% of shopping basket shares, up from 24.7%
Store Hours Change Today in Observation of Orthodox Easter
The President of the Athens Chamber of Commerce hopes the Easter period will provide a much-needed boost to retail traffic in the capital
Athens-area Mass Transit Systems Set to Finally Install Contact-less Fare Payment
Paying fares via bank cards, smartphones and smartwatches in all mass transit systems in the Greek capital, namely, buses, trolleys, the metro and tram lines, is scheduled by the end of the year
Council of State Rejects Motion Against Thessaloniki Motorway Project
The motion was filed earlier this month by three local citizens’ and environmental groups and generated a high court decision for a temporary stay in construction
Greek 30Y Bond Issue Oversubscribed by 11 Times
Very high demand pushed down the coupon's interest rate to 4.125%
Athens Int’l Airport Wins Top Prize at Routes Europe Awards
The Routes business is focused entirely on aviation route development and the company's portfolio includes events, media and online businesses